SARS-COV-2 or the Severe Acute Respiratory Syndrome Coronavirus is a virus that has wrecked Earth since it was discovered in three people suffering from pneumonia in China’s Wuhan. This incredibly infectious virus has claimed the lives of at least 32 lakh people, with almost 4000 people dying in our own country, India, every day. India even accounts for about 46% of the world’s active coronavirus cases.
Effective tips for surviving the business amid coronavirus:
- Realise and adjust to the shifting needs of the customer
- Marketing should remain in focus
- Communication is genuinely crucial
- Health and hygiene should be prioritised
- Incentives for both customers and employees are essential
The mismanagement by the authorities that has led to so many people falling prey to this virus has also had repercussions of their irresponsibility reflect in other fields; employment opportunities have gone down considerably, risk of recession has risen in many countries due to the virus, even global shares are in flux affecting a lot of individuals and entities, the travel industry has taken a hit, and so has the hospitality industry as no one now needs a hotel. Covid-19 has not just led to people losing their family, but their homes, as well as they are fired from their minimum wage jobs. The times are stressful, and everyone is looking for ways to salvage their jobs and loved ones from the virus.
After the health sector, the business sector has suffered most with rudimentary changes in the behaviour, needs, wants, and ways of connecting with the customers. Many companies have been thrown off-balance due to these changes. Around 82% of small businesses have been affected heavily, with many declaring bankruptcies due to the economic downturn. India, along with Italy and China, are some countries that have been majorly economically damaged by the virus, causing a decrease in their Gross Domestic Product.
Although some businesses did bounce back once government restrictions were lifted in certain countries. Thus, companies should give importance to Business Continuity Planning (BCP) to help their business in the future. Instead of looking for collaboration tools, it has been advised that companies give training to their employees about remote working. Preparation will be vital in helping businesses fight the novel coronavirus. Therefore, specific tips about how you can help your business not just survive but thrive during the coronavirus have been researched and compiled for your use below!
1. Realise and adjust to the shifting needs of the customer.
The coronavirus has led to an alteration in people’s wants and needs but especially the way those are availed. During a lockdown, most of the country’s population is living in their home, stepping out only for essentials that can’t be ordered online or are urgently required. This arrangement also indicates that they work from home and have more leisure time than they may spend on their phones or laptops shopping. Therefore, businesses should reimagine and implicate new strategies about digital commerce to capture the changing needs. Method of communication, delivery and how employees are working need to be reassessed and changed accordingly. Retailers supporting methods of delivery that don’t require contact should be hired or collaborated.
2. Marketing should remain in focus.
Some businesses make the mistake of reducing their marketing to cut down on expenses. However, this is the wrong decision to make because even though the intention may be right, in a pandemic where everyone is at home and online, institutes should not cut down marketing. Instead, entities must invest more sources in discovering better ways of marketing! You could use new tools to forward your business, or your employees could learn new copywriting skills to make the quality of the advertisements better. Using analytical tools, specific audiences can be targeted, which will help grow the business in the right direction. Thus, expenses should be pruned but not in the marketing sector.
3. Communication is genuinely crucial.
Open communication is essential, be it with the employees, the customers, or the businesses being collaborated. Putting across what is required and expected has always brought in better results. Letting your employees know about the business’s problems helps in not just relieving you but also guarantees a solution as more minds will now work towards a resolution. Being in touch with your employees may also help in the better output of work as they would feel more motivated and understood. Being honest with customers is always appreciated and helpful as it lifts the pressure your business may be dealing with, and there wouldn’t be anything to hide. And, of course, last but not least, it’s good to be open with allies, which may help enable networking, which only allows a business to grow into a bigger one.
4. Health and hygiene should be prioritised.
When the world is dealing with a contagious virus, it is excellent for a business to invest in hygiene. If the product manufactured and the packaging used is sanitised, the customers would be more willing to buy from the brand. It would not just aid the health of the workers but also count for efficient marketing. The health of employees is another critical factor to be given importance. When the employees feel cared for by the company they work for, they tend to put in more effort.
5. Incentives for both customers and employees are essential.
In a critical time like this, when the whole world is dealing with negativity in different forms, it’s best to offer discounts and have sales to help your own business and help the customers feel better. They would be more attracted to buy from a brand offering discounts than from one selling at their usual price. Many people have lost their occupations or have had salary cuts, making it very difficult to continue spending liberally. Incentives in the form of promotions, better health insurance and bonuses will help the employees perform better.
I hope these tips will help your business be able to grow amid the coronavirus pandemic. Lastly, do not forget that your business is not alone as all the industries have been affected by the global pandemic, only with varying degrees of severity. Together, we could all make it easier for each other.